Business Services Industry
Tesco's Move on Safeway in Britain May Be a Spoiler.
Knight Ridder/Tribune Business News, January, 2003
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Jan. 23--The most surprising thing about Tesco's approach to Safeway is the extent to which Terry Leahy appears serious about bidding for the lot. It is no surprise that he has thrown his hat into the ring.
As we predicted last week, Tesco needed to declare an interest to gauge the OFT's attitude to it buying a chunk of stores if a break-up occurs.
Surely Leahy knows that a full takeover by Tesco would have regulators choking on their cornflakes?
Tesco's market share is 25.8 percent. If it bought Safeway it would have nearly 36 percent. If number two Sainsbury won, it would have just 27 percent.
Analysts argue that Tesco's approach must be a...
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